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, everyone. i'm larry kudlow. this is "the kudlow report." tax hikes, tax hikes, and tax hikes. one way or another, that's about all i hear on this fiscal cliff business, and you know what? what about spending cuts which is the true source of the deficit problem along with anemic economic growth. and here's one. we just got confirmation that the latest fiscal numbers from the treasury department show the federal government ran up more red ink in october than it did the year before, and guess what? spending went up double digits from the year before. what a surprise. but the white house got one thing right today. it released a study showing that a massive year-end tax hike would kill consumer spending by $200 billion, right. so let's not raise taxes. and in addition to all of this, the joint chiefs of staff is apparently drawing up plans to keep 10,000 u.s. troops in afghanistan past the 2014 deadline. this break a president obama promise, but some promises are made to be broken, and i think this is probably a good move. but first up congress back at work tonight after the holiday recess
you should think about it. it all depends on what my tax rate will be on the game that we will make. only in grover's imagination does such a response exist. it is quite another when republicans talk like this. >> i am not obligated on the pledge. the only thing i am honoring is the oath that i take when i am sworn in this january. >> the only pledge we should be making to each other is to avoid the coming brief. republicans should put revenue on the table. >> i would have signed -- i will not attack japan today. the world has changed. the economic situation is different. connell: the man behind this pledge, it sounds like, at least the storyline is, that you are losing your considerable influence within the republican party. >> well, first of all, our friend warren buffett a to get a confident ghostwriter. it is counterfactual and it is counter historical. in his imagination, warren buffett goes to talk to people to invest with him. you have money. you have earned money. if the federal government takes it away, they do not have money to invest with warren buffett. there is a warm b
the issues of tax hikes and spending cuts that go into affect the first of the year. as the markets were falling in the first hour of trading this morning, house speaker john maynard stood up and offered support to investors and leaders for the market. stocks stabilized and then began climbing on the speaker's expression of optimism that a deal is within reach. we will take all of that up and more here tonight with bedford open geyser ceo harvey eisen and republicans who have put tax revenue on the negotiating table , and some republicans have flat out repudiated their anti-tax increase pledge. the author of that pledge, grover norquist, here and we will ask him how it is that he came to be the villain in this piece, how it feels to be the subject of attacks from both the left and some on the right and what the future holds for those republicans who break their pledges to voters. also tonight, demonstrations for a sixth straight day in egypt. the united nations on statehood for palestinians tomorrow and the president's spokesman says the white house is not concerned with ambassador rice
table, what they're going to do is means test everything. means test tax rates essentially. they will have less in terms of production but we're never going to means test government until we have a different type of people in capitol hill. connell: they pass it before the end of the year. many times these things are fixable and you are forced to fix them. when the bond market comes out, the rates start going up and you say now we have got to get going. it is tough to make the argument over and over again when you are not forced to do that. >> we will not have the rates overnight suddenly, but we might have come january 1, and it will be an increaaed tax rate and were soft economy. if we actually pay for the cost of government as we have right now, the cost of government is recession. if you pay the size of government now. we will have recession in this country and that blows people's minds a little bit more. i don't see them being forced. we have all of these year-to-year fixes and patches and delay it here. this whole process is an example of doing that. dagen: you talk ab
willingness to help the republicans the gate the pledge not to raise taxes by letting it expire and than any tax change to reduce taxes will be a tax cut, we will be glad to sign it. all of the super rich people who are now going to face the state tax on anything over $1 billion will be screening of their shoulders, the thing it. and rear not point to have $200 billion less in spending if after january 1 we sign a new tax bill. the fact that obama is administration is to make it sound like he is averting a catastrophe over the post 2013 -- it is an insult to people who know what is going on. host: if you think that -- do you think the president is not holding from one democratic beliefs? calving i really do not know. i just found out that ed rendell is supposedly a little type of democrat. he is one -- on one of these teams trying to figure out entitlements. this is a simple equation. we have about $800 billion more than necessary in spending. we have $800 billion more in spending that goes into the pockets of those who run unnecessary tests, insurance companies and pharmaceutical companies.
of the taxes scheduled to go up if we go over the fiscal cliff will hit investors. we ask the c.e.o. of utility next era energy lew hay about higher taxes on dividends and stock gains. >> susie: that and more tonight on "n.b.r."! black friday comes early this year. all across the country americans are already lining up outside stores, camping out for the earlier-than-ever start to the holiday shopping season. scenes like this are popping up in shopping mall parking lots. these tents are pitched outside a best buy in tampa, florida, where shoppers are hoping to get the early-bird holiday specials. with big retail chains opening their doors for black friday, on thursday night, there are complaints about companies putting commerce ahead of family time. walmart has been threatened with protests by its employees. the company filed a complaint with the national labor relations board hoping to stop the demonstrations, but the board won't rule on it before tomorrow. diane eastabrook looks at the personal price of thanksgiving day store hours. >> reporter: this is the calm before the storm at a chicago
a dark fiscal cliff. a new government report warning is an increase in texa taxes wod crush the middle-class spending. the dow down 70 points. it seems republicans are changing their tune on taxes. i don't know. lou dobbs with us as more congressional leaders break from the antitax pledge. and two years after the signs in cairo they look the same. mohamed morsi moves for absolute power sparking violent clashes in the streets between his supporters and opponents. but first, it is time to check stocks as would every 15 minutes, let's head to the floor of the new york stock exchange. nicole, the market is down and out on the fiscal cliff. i'm afraid. nicole: there's a lot going on on wall street. selling across the board, down 72-point at the lowest .12900, so about 40 points off of the earlier lows, however we are seeing selling from sector to sector with its banks or drugs or retail. the areas that have been pretty good our technology, semi conductors holding on, utilities giving it a go after selling off on concerns of the fiscal cliff of his utilities is a group that paid h
lawmakers pledging never to vote for higher taxes. find out what grover norquist thinks will happen with the fiscal cliff. >> susie: and hewlett packard stuns investors with news of an $9 billion mistake. >> tom: that and more tonight on nbr! >> susie: federal reserve chairman ben bernanke came to new york city today to send a tough message back to washington-- get your act together. he urged lawmakers and the white house to reach a quick deal to avoid the fiscal cliff, saying it might mean next year could be "a very good one for the economy." ben bernanke didn't endorse any specific tax or spending policies to solve the fiscal cliff, but he urged lawmakers to think creatively. he said an agreement on ways to reduce long-term federal budget deficits could remove road blocks to growth. on the other hand, going over the cliff might mean a recession. on top of that, worries about a deal were already causing trouble. > uncertainty about how the fiscal cliff, the raising of the debt limit, and the longer-term budget situation will be addressed appears already to be affecting private spen
're going to delve into any type of serious reform on the tax or entitlement side or even a framework by christmas. oh, yeah. i guess i'm the tooth fairy. >> bill, so what do you do here with no fiscal cliff deal yet, with whispers of possibly the fed stimulating the economy even further, and with economic data pouring in almost daily that suggests we're still sputtering along? >> well, i tend to think 2013s going to be a great year. i'm not just looking at housing and employment. i'm looking at the architectural building index. there's stuff in the draw room. they're ready to bid out this winter and break ground in the spring. the republicans know that. the democrats know that. i would agree with rick. right now it's hard to imagine they can come up with something. we know they can. we know the democrats can say, okay, we'll give you something on means testing entitlements and we'll move the social security age up. republicans will say, we'll get rid of second mortgage deductions. they can do it. i don't think they really want to do it yet. so we just sit here sort of up 100, down 10
an alternative minimum tax he had been talking about for the really wealthy. >> 30% or something. >> anybody from 1 to $10 million. also talked a little bit about raising the -- >> same thing he's been saying all along. >> he added that when it comes to who should be paying the higher taxes, he wants the threshold to be $500,000. >> and you see steven rattner on on talking about capital gains, deductions and things you've talked about a lot. >> time for the global markets report. ross westgate totally still confuse aed about thanksgiving and pilgrims. what was all the hoopla about? you celebrate boxing or something, don't you? like we lost a great boxer. is that what you celebrate? what is boxing day? >> boxing day, the day of a christmas. >> you wrap all your presents in boxes? >> i think it's something to do with all the presents. i'm not quite sure. >> yeah, put them in boxes. >> maybe. >> so you ignored our thanksgiving. but feeling okay again? >> yeah. you know, it's okay. it's all right. it's gone. now we can concentrate on the run up to christmas. and how much shopping we have to do. >> a
me smile until the numbers come out. and then you will get taxed to kingdom come. it will not even help the deficit. warren buffett can help them out. lori rothman and melissa francis with more coming up. dagen: the market is up, that is good. good afternoon read >> pushing for middle-class tax cuts without any spending concessio concessions, president obama to meet with business leaders on the fiscal cliff after speaking just last hour. we'll ask lou dobbs that he thinks ceos will help to make deals happen. >> now washington is looking at the one sacred mortgage deduction, maybe get rid of it to help heal the budget crisis. >> charlie gasparino on the future of the firm. time for stocks as we do every 15 minutes, before the new york stock exchange, nicole petallides on the floor. a deal is possible by christmas. >> hoping to get some positive comments from john boehner. he is optimistic. a nice little boost. from negative to positive to the session highs, no 50 points away from dow 13,000 once again. the dow once again up 73 points. you have a lot of winners. the banking index is
teenagers in washington who just cannot figure this out right now. it's pretty simple, taxes and spending. they want to make headlines, and i think the market's becoming fed up with it, and that's why we're seeing the action behind me, and we'll probably see more tomorrow. david: drew kanaly, it was a negative day, all of the indices were down, the nasdaq stopped its winning streak, but look at these headlines. liz, we had a lot of positive headlines when we woke up. consumer confidence, the best since february '08, the richmond fed saw a positive jump for its region, home prices continuing to rise, durable goods, better than expected. there was progress on those greek debt talks. i mean, despite all of these positive news items we got today, we ended up with a market almost in triple digits. >> well, i mean, they're pricing that we are going to get a deal, right? so anything that says that might get derailed, you're going of the days like this until they announce a deal. and the deal the market's looking for is just something to extend the tax cuts until next year when you seat a new con
with the territory. >> chris: would you agree to raise taxes as part of a solid compromise to avoid a fiscal cliff. >> i would opposed to raising tax rates but i believe we can close a lot of loopholes. we can do things to e-- in fact, two other things. one, things like like a limit on the amount of deduction of charitable giving. a limit on the amount you can take on your home loan mortgage deduction and obviously we are going to have to look at entitle reform. entitlement. reform is the only way to get the debt and deficit under control. we've got to take it on. >> chris: let me ask you, you say you would consider more revenue but with loopholes -- >> there's so many of them. >> chris: you voted against the bush tax cuts a decade ago because you said too many of the benefits go to the wealthy, not the middle class. once they were passed you have changed your view and said i'm not going to oppose them. it you could get a deal for entitlement reform and take a chunk out of the national debt, why is the 35% top tax rate which you oppose sacred? >> every economist i respect says if you raise tax rat
look at the relative yield, not only is there a tax advantage you're picking up significant yield. >> michael, what would you buy here? >> how about this, gold? let's bias sets where people will be nervous and flee to assets that give them some sense of comfort. i think gold will be a $2,000 an ounce trade sometime in the next 12 months. again, i also agree you need to buy -- you should not buy treasury. i think treasuries are a bubble waiting to burst. i like municipal bond trade. i like intermediate to short term average quality corporate bonds where you're not really paying so much for the high corporate quality rate. i think you can get better yields. as russ mentioned, absolutely, investors are going to have to have some money in fixed income. you can't set in cash at zero percent, it will kill you from an inflation point. >> i've been at cnbc since 1998. sing the piece of advice given over and over is whatever you do, don't buy the long end of the treasury curve because it's a bad investment. and yet it has been the greatest investment. at some point that's going to change,
advisors warning middle-class tax rates to rise and failing to catch could cause consumers to spend $200 million less than they normally would next year. coming up chairman of the president's council of economic advisors joining us to talk about the fiscal cliff and whether we will go over it. liz: do not miss it. but first what drove the market with today's data download. the nasdaq the only major index. still a pretty rough day on light volume. the dow and s&p ending lower the s&p ending lower with isn't a step in the longest winning streak in more than three months. tech and utilities were the top performing sectors while telecom and energy lag behind. we were talking about natural gas prices tumbling 4% today on warmer weather. forecasters warning of a warm start, but still expected to be much colder than last year. a lot of people betting it would be $4 at this point, if not. factory activity among the manufacturers falling back into contraction this month on bigger than expected drop as the federal reserve said activity index fell three points negative 2.8. the first of five region
at this point. >> but when you look at those, they all have some come by neigh of spending cuts and tax increases. the idea is that over a period of time, you basically put the country in a better path, the government in a better path to spending and taxation. what you don't want is the fiscal cliff because that was designed to be something that nobody liked. and the reason is, yes, you've reduced the deficit from about 7% of gdp down to about 4% of gdp, so you move in the right direction really dramatically, but you do it in a way that nobody was happy with exactly where those cuts come from and exactly how the taxes increase. >> with what you're seeing, and we never know, it's almost like a mating dance where you've got the male and a feel of some species -- >> it's an ugly one. >> looks like they're never going to do it. they get closer and closer. >> but there is a lot of -- they back off and they might even look like they're fighting. but do they eventually, you know, do it? >> well, i think certainly everybody hopes so. because it would be better than if they don't. >> that didn't
opinion, can they reach a deal on these taxes that does not require all of the requirements of business to go up? dagen: do think that happened, because again, there are so many taxes that we need to worry about, the lawmakers never fixed it for 2012. if they do not fix that, it will hit 33 million americans. the payroll tax cut. will that go away, because, again, it was temporary ones, temporary twice and it will still be a higher tax. >> im so glad you brought up the amt. nobody has really been focusing on this. that would be bigger than even extending the bush tax cuts. you are talking about $2 trillion in additional taxes on americans over the next decade if we do not fix this thing. of course, it is because they have not indexed this for inflation. it reverts to the level it was in 1993 where the level would only be about $45,000. think about this. when you mention those 30 million americans, those are rich people. those are people earning 100-150,000 dollars. they will let the payroll tax rise back to where it was before they temporarily suspended it. dagen: do you think, though,
called "a minimum tax for the wealthy." and you start off bying a most investors you know, if it's a good deal they're not going to be upset about the fact that they're going to have to pay some tax. >> every investor i know. i've never -- i'm 82 years old and i'm looking like diogenes at that investor who says "i think i'll look at this chance to pass on this money." >> rose: even if it's a certain deal -- >> i'm going to call you tonight at midnight and say "this is the best idea i've ever had." and will you say "how much is the tax i have to pay?" >> rose: i don't think so. you say "in the meantime maybe we'll run into someone with a terrific investment idea who won't go forward with it with the tax he would owe when he succeeds. send it my way. let me unburden him." >> that offer goes to all viewers. >> rose: you have a serious purpose. what is the minimum tax that you think ought to be done today by congress and not wait for all the time it might take and all the deals it might take to reform the tax code. >> i think on incomes over one million that the excess over one million should
, that what moved up nicely is going to be the piggy bank that gets cracked first before the tax man comes based on the unknowns of the fiscal cliff. >> would you buy gold here, michael? >> no, no. i'm going wait for it to wash out a little more. then i'm going add to my positions. i have a -- >> you don't weigh gold outright. >> you have to own some gold. qe-4 is coming. no doubt about it. they're already doing $40 billion per month. it's going to be $85 billion of unsterilized counterfeiting per month starting january 1. how do you abandon gold in that premise? >> that's exactly right. we're playing it a little bit differently. we like some of the gold-related companies. >> the miners have gotten beaten up. they got beat up much worse than the actual metals. >> there's cost and exploration you have to factor in. >> are those your best ideas? >> no, actually. i think you can still -- i'm half if cash. i think you can look for areas to enter in o short position on lockheed martin. >> defense stocks because of the fiscal cliff. >> yes, but once that gets solved, i think you have a huge rall
the idea that some taxes will go up on the high end and the middle class won't see much of a tax increase. are we justified? >> i think the typical consumer is not like you and me and the other guests there. the typical consumer makes about $60,000 a year for their family. they're not getting tax dividends so they're not freaked up about those going up. they're concerned about their paychecks and paychecks have been more steady for the first time in several years, wages have gone up a little bit, and the biggest asset people own is a house. it's not just a volume of sales rising and construction but home values. and so with every passing week, a certain number of people who are under water on their mortgages are now in positive territory. and that contributes to what we call the wealth effect, people feeling more confident, they're more likely to spend. it's pro-cyclical. when things are going in the right direction, it forces to propel them further in the right direction. >> stephen, you feel very strongly tax rates should go down and not up. these pro-cyclical things, the idea that the
young people with direct support financially for the enterprise, or with privilege and taxes. those are the two possibilities, but we should do it. the fight against unemployment, in my eyes, is the highest priority for the european union, or must be the highest priority for the european union. the international labor organization spoke about the lost generation in such countries. to lose a whole generation from a society is to destroy democracy. therefore, if there are not direct places for young people, we must intervene directly from the state level to support those enterprises to employ young people. i could tell a lot more, but i was asked to do it shorter. both sides have a lot of economic and political problems, but we are solving the problems. we must solve our economic and political problems and cooperate, and it is possible. perhaps one problem is the lack of cooperation between the united states and the european union. to solve the problems we have, one step is to cooperate more. gender equality, the european parliament is one of the strongest fighters in the world for ge
is rich's the $230,000 for a tough pill to swallow for new tax hikes. so now it will buy even make dead-end. what does lou dobbs think? melissa: corporate america racing to get ahead of the cliff with wall street funds to help your wallet. melissa: time for stocks ahead to the floor of the new york stock exchange with nicole petallides confidence hitting the post recession peak but traders are not buying it? >> >> of its numbers result of the market moved higher the dow moving into the green but now was sells off continuing the trend. we're doing much of the same we're under pressure with dow jones industrial average but also of the nasdaq has some of perot's. the confidence numbers of the highest levels since february 2008 also case-schiller shows the total order for durable goods is unchanged. we have a deal on wall street and some upgrades so there are bits and pieces and many are rushing to get ahead of the fiscal cliff. lori: with the potential tax increase with dividends companies to try to get a job and are paying dividends early before jittery first. joined the is seen him from
uncertainty, jim, uncertain in taxes, uncertain in the elections. >> right. >> caller: and inflation is a big concern of mine. is there anything i can do at my age to protect myself from all these uncertainties that are coming up? >> okay, well, look. i've got to tell you unless you have -- you're a person who really does have to heed my 20% in gld or gold, gold bullion. i'm not going to tell you listen, you should buy bonds that yield 2% and that's going to protect you. i think gold is going to be the best defense you have against the worries that you just outlined. let's go to anthony in virginia, please. anthony? >> caller: washington redskins boo-yah rg3 nation stand up. >> man. dan snyder is your owner, have you thought about that at all? >> caller: i got a quick question. >> boo! >> when stay on the sidelines or look to get in long-term? >> when it's overbought, my old rule, i use the s&p oscillator. it comes delivered to my door on saturdays. my rule is very overbought, hey, take a pass. another time will come. however, you can get started small and hope it comes back if you just can't
,000 people in a room. doesn't really matter. norquist saying don't have a deal. have to raise taxes. democrats don't seem to favor lowered defense budget and favor higher taxes for the rich and so we're done. i think we're done. >> after durbin speoke yesterda, if you're going to get a blueprint, he doesn't want entitlements be part of it for next year. >> it's the 1,000-point solution. maybe that will change their mind. durbin said no. norquist is saying no tax increase. what else is there? am i missing something? what am i missing? blankfe >> stallen made a lot of sense. mass murderer about you doesn't mean he didn't make sense. >> blankfein, kent, mayer, roberts of comcast. is there anything these guys can say to change their tune? to get people -- >> we're just past thanksgiving. let's give it a little time. things can change. we've seen lots of back and forth. everybody is establishing their negotiating position. there's still a negotiation to come in some way. i'll take the optimistic view. >> maybe that's where they are starting from. >> a reset button? >> we have yet to get
of tax cuts will expire. there will be spending cuts and there will be jobs lost. john harwood with the latest from washington now. john? >> tyler, i'm pretty sure those congressional leaders' bellies were full even before thanksgiving. as you can see from the meeting they had just before the thanksgiving break, they were off to a smiling start with the president of the united states but there hasn't been much progress made since then. let's go over the fiscal cliff by numbers. first of all, they're all one. there's one month left before we go over the cliff if nothing is done. two, there's 1.4 percentage points that the white house says would be shaved off of gdp if middle class taxes go up between now and then. there's about $1 trillion which a democratic aide in the senate tells me they would need for a down payment deal to be done by the end of the year with the remaining three-quarters of the deal to be done early next year if they're going to get one. finally, there was one phone call over the weekend between president obama and house speaker john boehner. now i just hear
have on the tax treatment of dividends out there? you get all these companies imposing early dividends, special dividends to try and slip it in before the end of the year. yet, you're still buying high yield right now. >> that's right. the reason i'm not worried is the high yield side of our strategy is preferreds, high yield bonds, mortgage-backed securities. those are areas that don't have the preferential treatment on the income stream right now. it does include the dividends on the common stocks that have the qualified dividend preferable tax treatment. the areas we're investing in high yield, in fact, if the taxes on dividend paying stocks goes up on a relative basis, they look even more attractive on a comparable basis. >> steven, what are you guys doing on the floor right now? there are an awful lot of guys who have been skeptical on the rallies recently. are you among them? >> i think long-term david is right. but right now, there's going to be a lot of bumps in the road. you can play both sides. where was the s&p resistant today? it was resistant at 1407 three times. that was
their own day of thanks. >> they can't stand it. this is one we made good without them. they tried to tax us without representation. >> i think july 4th is probably worse. >> either way, they hate both of those holidays. >> ross, do you hate thanksgiving? >> no, i don't hate thanksgiving. 400 years ago, they gave thanks for the pilgrim fathers to leave, i think. >> there you go. they didn't want us anyway. >> now look what happened. >> oh. he's 007. >> good luck with the turkey, by the way. >> thank you, ross. we appreciate it. have a great day or so. we'll see you back here on friday. >> they probably don't like any of our holidays. >> christmas. >> very jealous. >> they have places in london with a good thanksgiving. i remember when i lived in london, ross could participate in this. >> that was big of him. i was going to ask him about thanksgiving, but he extended a happy thanksgiving. >> i could tell it was tinged with a little resentment. >> not from ross. >> still to come on squawk, we have a well-known name to our viewers. jim chanos, he'll be joining us in just a few minutes. >>> befo
change tax, here it comes, the u... holds a meeting, america is the bad guy. they want our money. third, research in motion, the blackberry company we put that stock on death watch. wrong move. the stock has gone straight up. you never know what you're going to get on "varney & company," but it will be interesting. here we go. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all ght. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. >> with all of that talk on "varney & company" about gun sales going up if president obama he gets reelected. here is the proof, it's happening. it's a busy friday for the fbi, it fielded 154,873 background checks from gun dealers for perspective buyers, that's just in one day. it's a 20% increase over the previous record set last year on black friday. and by the way, 62% of those applications were the so-called long guns, rifles, shotguns, people are afra
over the fiscal cliff and all of those tax changes expire, we will see a tripling of the dividend tax. if that happens, so many people invested right now, you said some of them might change from issuing dividends to buying back their stocks, right? >> that will be the tax efficient way people will return money, cash to shareholders. taxes on dividends are likely to go up, so that could be more efficient place. a dividend issue we have talked about before overplayed maybe an overcrowded area. lauren: let's bring in tony. should we kind of close our eyes and open them on january 2 or something? >> closing our eyes and opening them, it will be highly volatile between now and then. president obama came out and told us they got a solution, but how many times has the politician stretched the truth little bit? the price of a solution is being cooked into the cake in the stock market, and if it does not come to truth, or if it disappoints, i can see a severe drop to negative. david: you are saying the next four months or so because of the uncertainty, you have to keep your holdings safe and p
are before us. tax increases are not. but underlying all of that, foundational to all of that, is putting america back to work. getting americans back into their jobs. if we do that we will clearly increase employment and when you increase employment you always increase tax revenue to the federal government, to state governments and local governments. so our principle task as i see it and i think i'm joined by many of my colleagues, both democratic and republican, is to get the american economy going. to put it back in gear. and there are many reasons beyond just employment and the opportunities that family have -- families have to make it. one of the critical elements in all of this is to protect americans. we recently saw superstorm san joaquin smash into -- sandy smash into new jersey and new york with devastating results. loss of life, incredible loss of property, both public and private, and a very, very big cleanup bill. joining me in a little while will be some of our representatives from the state of new york. and they'll talk about that in detail. but before sandy ever hit the co
will be meeting with small business leaders. at issue of course is the series of tax increases and spending cuts that kick in at the end of the year if congress doesn't act. >> there will come a point in time where we can't borrow anymore money and interest rates will sky rocket. >> cnbc's raise above campaign continues. we're asking who has the courage to rise above partisan politics and find a solution. among our guests, three men who understand washington, wall street and corporate america very well. we have the chairman of president george w. bush's council of economic adviser, ed lazear, roger altman, and real estate tycoon don peebles. but let's cover this morning's top headlines. >>> we do have a lot in the corporate headlines this morning including equity residential and avalon bay communities agreeing to buy archstone from lehman brothers holdings. the price tag, about $6.5 billion in cash and stock. the deal gives lehman cash to help pay its creditors as it liquidates. but it paid $22 billion for this company originally. so $6.5 billion versus $22 billion, and you can see how lehman go
-off over tax increases and spending cuts. the dow fell 89 points, the nasdaq lost nine, the s&p 500 down seven. >> tom: as susie mentioned, talks to resolve the fiscal cliff are moving slowly. one reason is that there is deep disagreement over whether entitlement programs like social security and medicare should be on the table right now or not, and the disagreement is sharpest over social security. darren gersh takes a look at why. >> reporter: the number-two man in the senate democratic leadership argues any fix for social security's finances should come after the immediate challenge is out of the way. >> i think we should take social security off the table for the current fiscal cliff and deficit discussion, but be very honest about what we're going to achieve in the near term. >> reporter: republicans pushed back, arguing social security is part of the deficit problem because it is no longer taking in enough in taxes to cover the benefits it pays out. social security makes up the difference by cashing in special treasury bonds it holds in its trust fund. but conservatives point out t
tax hikes will hurt the middle class. obama will meet with the second group of ceos at 4:45 p.m. to get their input on how to solve the crisis. the group will include brian roberts, and yahoo!'s marisa meyer. for more, we're joined now by charles deebel. the president meeting today over the fiscal cliff. really the reason for the underperformance we've seen, not just in u.s. equities, but actually worldwide overnight. >> i think so, i think there's really a reevaluation with respect to europe going on as well, and having had a greek solution. and then they start to look at the rest of the eurozone, particularly spain. so you deal with one issue, but there are still plenty more stacked up behind. so that didn't help. but yeah, those comments clearly not constructive. it is the number one problem now having got to greece effectively out of the way, spain is on the back burner. the u.s. fiscal cliff is the worry at the moment. >> for all the time we've already spent talk about it, the reaction seems to reflect the fact that an assumption that they will reach a deal is priced in a
on the fiscal cliff, chances are we get a slower economy next year because of the higher taxes and cutting spending? >> i want to touch on something that liz just said. i have tried to get her to play along with this game. >> i gave up long ago. >> she always resists me when i try to pin her down on the number. i guess she's smart. as you mentioned, a fellow from morgan stanley coming out saying, look, i blew it. it's a pain for me. i don't want to do this. i think what they're banking on is this whole fiscal cliff thing, the europe thing. all of the head winds for the market are never going to see the worst case scenario. i think just kind of the picture is this muddle through going forward. i called up today and tried to -- i talked to some of the most bearish people i know. they're all just kind of saying, yeah, we're going to muddle through. the fiscal cliff is going it get resolved one way or the other. europe is going to get resolve one way or the other. i think this is one of -- >> steve, he brings up a good point. consumers are not worried about the fiscal cliff. intraday trading t
act together on the fiscal cliff, taxes for the vast americans will go out. 90% of households in this country will pay higher taxes if the u.s. goes off that cliff. with low income families among the hardest hit. connell: charlie wrangle, congressman from new york, he is here in studio with us. >> we have to get a deal done. it would be irresponsible for congress to go forward. most people do not know that the break that they are getting is temporary. it expires december 31. do nothing and the rates automatically go up. what about the severe cuts that we will have in the budget. this is a nightmare that we created that never should have happened. now it is on the brink of happening. in my opinion, will it happen, no. we have the option to do something justice and responsible. that is kicked the whole thing off to next year. believe me, the country is facing such a terrible crisis. dagen: even if they broker a short-term deal, it goes for six months, what about the hope of overall tax reform? isn't that better to get a short-term deal and then do something more sweeping and per
more than 600 billion dollars in both cuts and tax hikes, spending cuts kicking in and it will affect the state you live in in some way shape or form. today we're kicking off governors on the edge week on countdown to the closing bell. we are finding out how pennsylvania is affected by the budget mess. governor corbett is talking about the impact on state finances but perhaps more importantly why he is not waiting around and he and his team are trying to work on make sure they don't fall into the abyss with the rest of the country. >>> now hewlett-packard is now up 2 1/4%. we just heard through reuters we're confirming it here on fox business that a class-action lawsuit has been filed against hewlett-packard, a law firm -- we're looking at this issue with autonomy, it's a company they had to write down the acquisition by billions and billions of dollars. so clearly this is the breaking news on hewlett-packard right now. not really moving that much. still up about 28 cents. apple as you saw up sharply. analysts talking about a strong black friday for apple based on some checks on their
dividend taxes. my nexttguest says don't worry. joining me now in a fox business exclusive, the chief investment strategist. lovely italian name. >> thank you. cheryl: i say this as a casone. you're not worried, you're telling your clients not to worry, but many people are worried. trying to balance their portfolio to get ready for the end of the year. what do you say to them? >> i say we may not know what happens until the end of the year. people have to take some solace seeing historically when taxes go up, what happens to the market, what happens to the dividend stocks, when taxes on dividends decrease. cheryl: we have seen it the day after the election there was a flight away from dividend paying stocks. is there a subgroup that you like that you would like to protect us? >> they're not a lot of places to hide because a lot of the return is driven by dividend paying stocks. i think the way to think about it is what happened the last time the rates went up by dividend stocks. it had been when president clinton came into office. what happened to the market over the next 10 years, re
this -- at the end of this year. the president wants to extend tax cuts for middle-income americans while letting them expire for those people who earn more than $250,000 a year. coming up at 7:45, whether republicans and democrats are any closer to a deal. >>> wellge the nation's lowest housing -- well, the nation's lowest housing rate is in the south bay. only 3% are vacant. that translates to just 28,000 empty properties out of almost 651,000. nationwide apartment rents are expected to go up again next year. the national association of realtors rents will go up 4.6% because demand exceed supply. in 2014/2015, rents will probably go up more than 4%. nationwide they went up 4.1% this year. but here in the bay area, they are up more than 13%. >>> it is 7:5. a crane had to be us -- it's 7:35. a crane had to be used for a sink holt. these pictures are from a -- sinkhole. these pictures are from a neighborhood blog. it's not clear what caused the sinkhole or when it might be fixed. >>> let's go back to tara. what's happening on highway 101? >> well, you know? we got a lot of traffic out there. a lot
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